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#466484 - 01/20/20 05:18 PM Re: I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! **** [Re: Z06Fanatic]
RonnieWinz Offline
Member

Registered: 04/26/12
Posts: 118
Loc: Annapolis,MD
had a few SOI

most of my business is cold calls

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#466485 - 01/20/20 11:49 PM Re: I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! [Re: Lucky Leonardo]
Trouble Online   content
Veteran Member

Registered: 02/15/16
Posts: 639
Loc: GTA Ontario
Lucky
Why do you think the lead ratios are so poor now.
I was thinking maybe get called more, Maybe people staying in their homes longer, the demographics have changed?

The leads seem to be harder to come by now.
I think about that a lot.

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#466486 - 01/21/20 03:24 AM Re: I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! [Re: Trouble]
CathCoy Offline
Member

Registered: 04/04/14
Posts: 480
Loc: California
Originally Posted By: Trouble
Lucky, why do you think the lead ratios are so poor now. I was thinking maybe get called more, Maybe people staying in their homes longer, the demographics have changed? The leads seem to be harder to come by now.


Homeowners are definitely staying in their homes longer. Part of the reason is that during the last refinance wave, many homeowners secured long term rates as low as 2.75%, which they cannot get if they move and need another loan. I remember thinking, "I'll never see that person again"--unless, of course, they simply must move.

Except for states like NY and CA, where sensible people are leaving in droves, people are staying longer in their homes.

https://www.wsj.com/articles/people-are-...les-11572777001

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#466487 - 01/21/20 11:18 AM Re: I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! [Re: Trouble]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2419
Loc: Outer Banks
Originally Posted By: Trouble
Lucky
Why do you think the lead ratios are so poor now.
I was thinking maybe get called more, Maybe people staying in their homes longer, the demographics have changed?

The leads seem to be harder to come by now.
I think about that a lot.



If people are staying in their homes longer then you should be able to verify that in a few minutes of mls research. If there are less transaction now compared to the past then there is nothing you can do except to gain a larger share of the existing market.

If the number of sales has not changed then maybe the people have changed or their perception of cold callers has changed. With all the media attention given to spoofed phone numbers, maybe people are now aware and there is an automatic distrust of someone behind a fake phone number. Or maybe, with everyone getting autodialers a saturation point has been reached.

First thing is everyone needs to do the mls research to gauge their market.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#466488 - 01/21/20 02:02 PM Re: I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! [Re: Trouble]
Lucky Leonardo Offline
Major Contributor

Registered: 12/26/09
Posts: 2207
Loc: CA
Originally Posted By: Trouble
Lucky
Why do you think the lead ratios are so poor now.
I was thinking maybe get called more, Maybe people staying in their homes longer, the demographics have changed?

The leads seem to be harder to come by now.
I think about that a lot.


When I started this thread, membership was 26,000. Now its 56,000.

Also, In the last 10 years, prices have doubled in our marketplace, this means the transaction costs to move have also doubled. People say to me all the time that it is too expensive to move.

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#466489 - 01/21/20 05:21 PM Re: I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! [Re: Lucky Leonardo]
Trouble Online   content
Veteran Member

Registered: 02/15/16
Posts: 639
Loc: GTA Ontario
Yes it's true, more competition and people staying longer in their homes. Thirty years ago it was common for couples and young families to move every 5 years.

Now it's more common to find the downsizer. They take forever to decide!!!

Anyway there's always someone out there that moves for various reasons. We just have to dig deeper to find. them.

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#466490 - 01/21/20 06:11 PM Re: I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! [Re: Bigtoe]
Lucky Leonardo Offline
Major Contributor

Registered: 12/26/09
Posts: 2207
Loc: CA
Originally Posted By: Bigtoe
Originally Posted By: Trouble
Lucky
Why do you think the lead ratios are so poor now.
I was thinking maybe get called more, Maybe people staying in their homes longer, the demographics have changed?

The leads seem to be harder to come by now.
I think about that a lot.



If people are staying in their homes longer then you should be able to verify that in a few minutes of mls research. If there are less transaction now compared to the past then there is nothing you can do except to gain a larger share of the existing market.

If the number of sales has not changed then maybe the people have changed or their perception of cold callers has changed. With all the media attention given to spoofed phone numbers, maybe people are now aware and there is an automatic distrust of someone behind a fake phone number. Or maybe, with everyone getting autodialers a saturation point has been reached.

First thing is everyone needs to do the mls research to gauge their market.






You can't really just look at the current number of homes sold compared to previous years. They keep building more houses and condos.


Edited by Lucky Leonardo (01/21/20 06:14 PM)

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#466491 - 01/22/20 03:54 AM Re: I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! [Re: Lucky Leonardo]
CathCoy Offline
Member

Registered: 04/04/14
Posts: 480
Loc: California
Within this newsletter is statistical insight.

https://www.robchrisman.com/jan-21-sales...rth-los-noting/

Scroll down to...

Demographic news of note for lenders

Thriving in a flat, purchase-driven market isn't easy, yet that's where we're headed in 2020.


Edited by CathCoy (01/23/20 06:31 PM)

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#466492 - 01/22/20 04:48 AM Re: I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! [Re: Lucky Leonardo]
TheGodson Offline
Member

Registered: 11/24/18
Posts: 17
Loc: Michigan, USA
Originally Posted By: Lucky Leonardo
Originally Posted By: TheGodson
I just made between 30 to 40 calls awhile ago. Nobody picked up. Pick up rates are less than 3% for expireds at 2:00 PM. That is why it is so important for me to wake up early and not be a lazy [censored].


Who are you calling?


I call Expireds mostly. I also call FSBOs. I use to do pure cold calls, but have stopped. I call people roughly an hour away at tops.

1 deal for every 3,500 is a lot of calls in order to get a deal!
(365 * (6/7) * 100) / 3,500 = about 9 deals a year. That would be pretty tough to make a living in my market. Average house for me is a little over $200k. 5 * 3000 + 4 * 6000 = roughly 40 grand. Okay maybe not so bad.


I have devised a point system for ranking calls based on stats from the office. 1 point for cold calls. 5 points for FSBOs and Expireds. 8.3 points for people I know. This system will likely change over time based on my own stats for converting each of these into listings.

It is difficult following up with expireds and FSBOs more so than initial contact. "Hey, I talked to you last week and you said you didn't want to sell your house. You wanna sell it now?" I've tried providing value with market updates and other stuff so I'm not just nagging for a sale, but not getting much results. All my appointments set were first contact appointments.

About 12% of people pick up the phone for cold calls it seems. If I was to talk to 100 people a day I would need 100 / 0.12 = 833 numbers to call a day. If I worked 6 days a week for a year that would be 313 days for a total of 833 * 313 = 260,729 numbers. The guy in my office who supplies me numbers would kill me. Lol. I'll have to find out a way to eventually make this work.

My current listing is eating up quite a bit of time. A lot of showings, but people haven't been making offers. One offer was made, but fell through due to inspections. The garage roof is badly damaged and there is bat [censored] apparently somewhere in the house. Not a great start to this listing, but the sellers are very motivated.

Originally Posted By: Z06Fanatic
Originally Posted By: TheGodson
I've read pages 1-166 in this thread. I'm going to read the whole thing eventually, but it will take awhile. I got my first listing after 4 and 2/3 months of trying. I now have the confidence to do better.

My goal for the year is to do 20+ transactions. By year, I mean for 2020, not when I started.

I have bad habits that I want to break. Waking up at 11:00 or noon when I've been attempting to wake up at 6:30. I don't know why this is such a challenge for me. Probably because I've been a night owl for several years. I have to end this, because it is quite an embarrassing excuse for not hitting my numbers.

My goal was to hit 83 contacts a day, but then I don't end up doing anything because it is so high of a goal. I will make the new goal something like 10 to 20. I'm fairly stringent on what I consider a contact too.

I will eventually add cold calls back to my routine to diversify my lead generation. Cold calls are much easier to contact than FSBOs and Expireds. I remember getting 38 in a two hour period with one phone toward the beginning. So much harder to hit good numbers with FSBOs and Expireds. Expireds don't pick up that much and conversations with FSBOs tend to be longer than a cold call. On the flip side, Expireds and FSBOs are higher conversion leads.

I actually have a point system, but this post is already getting pretty long so I will end it here. Wish me luck!


You need to figure out why you're doing this. Why are you making all these calls, why are you sleeping until 11, etc - any habit can be changed good/bad based on thoughts in your head. I agree with starting slow - you can't start going to the gym day 1 and lift heavy weights. If you grind daily, improve your skills, start seeing more results, etc you'll get stronger and stronger on the phone. Your conversions will get better, you'll have less call reluctance, you'll look forward to calling, etc. It's a learned habit - no one is born to cold call. Step up your game for yourself and your family - I'm assuming you're a young guy so now is the time to grind before your bills shoot through the roof with a mortgage/kids/etc.


Thanks for the motivation. I need to be more disciplined. Motivation is great, but I need to be disciplined for the times where motivation is low. My biggest first goal is to wake up at 6:30 AM consistently. I am single. No family or obligations. I have the opportunity to make a killing and I know it!

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#466493 - 01/22/20 01:22 PM Re: I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! [Re: TheGodson]
Lucky Leonardo Offline
Major Contributor

Registered: 12/26/09
Posts: 2207
Loc: CA
Originally Posted By: TheGodson
Originally Posted By: Lucky Leonardo
Originally Posted By: TheGodson
I just made between 30 to 40 calls awhile ago. Nobody picked up. Pick up rates are less than 3% for expireds at 2:00 PM. That is why it is so important for me to wake up early and not be a lazy [censored].


Who are you calling?


I call Expireds mostly. I also call FSBOs. I use to do pure cold calls, but have stopped. I call people roughly an hour away at tops.

1 deal for every 3,500 is a lot of calls in order to get a deal!
(365 * (6/7) * 100) / 3,500 = about 9 deals a year. That would be pretty tough to make a living in my market. Average house for me is a little over $200k. 5 * 3000 + 4 * 6000 = roughly 40 grand. Okay maybe not so bad.


I have devised a point system for ranking calls based on stats from the office. 1 point for cold calls. 5 points for FSBOs and Expireds. 8.3 points for people I know. This system will likely change over time based on my own stats for converting each of these into listings.

It is difficult following up with expireds and FSBOs more so than initial contact. "Hey, I talked to you last week and you said you didn't want to sell your house. You wanna sell it now?" I've tried providing value with market updates and other stuff so I'm not just nagging for a sale, but not getting much results. All my appointments set were first contact appointments.

About 12% of people pick up the phone for cold calls it seems. If I was to talk to 100 people a day I would need 100 / 0.12 = 833 numbers to call a day. If I worked 6 days a week for a year that would be 313 days for a total of 833 * 313 = 260,729 numbers. The guy in my office who supplies me numbers would kill me. Lol. I'll have to find out a way to eventually make this work.

My current listing is eating up quite a bit of time. A lot of showings, but people haven't been making offers. One offer was made, but fell through due to inspections. The garage roof is badly damaged and there is bat [censored] apparently somewhere in the house. Not a great start to this listing, but the sellers are very motivated.

Originally Posted By: Z06Fanatic
Originally Posted By: TheGodson
I've read pages 1-166 in this thread. I'm going to read the whole thing eventually, but it will take awhile. I got my first listing after 4 and 2/3 months of trying. I now have the confidence to do better.

My goal for the year is to do 20+ transactions. By year, I mean for 2020, not when I started.

I have bad habits that I want to break. Waking up at 11:00 or noon when I've been attempting to wake up at 6:30. I don't know why this is such a challenge for me. Probably because I've been a night owl for several years. I have to end this, because it is quite an embarrassing excuse for not hitting my numbers.

My goal was to hit 83 contacts a day, but then I don't end up doing anything because it is so high of a goal. I will make the new goal something like 10 to 20. I'm fairly stringent on what I consider a contact too.

I will eventually add cold calls back to my routine to diversify my lead generation. Cold calls are much easier to contact than FSBOs and Expireds. I remember getting 38 in a two hour period with one phone toward the beginning. So much harder to hit good numbers with FSBOs and Expireds. Expireds don't pick up that much and conversations with FSBOs tend to be longer than a cold call. On the flip side, Expireds and FSBOs are higher conversion leads.

I actually have a point system, but this post is already getting pretty long so I will end it here. Wish me luck!


You need to figure out why you're doing this. Why are you making all these calls, why are you sleeping until 11, etc - any habit can be changed good/bad based on thoughts in your head. I agree with starting slow - you can't start going to the gym day 1 and lift heavy weights. If you grind daily, improve your skills, start seeing more results, etc you'll get stronger and stronger on the phone. Your conversions will get better, you'll have less call reluctance, you'll look forward to calling, etc. It's a learned habit - no one is born to cold call. Step up your game for yourself and your family - I'm assuming you're a young guy so now is the time to grind before your bills shoot through the roof with a mortgage/kids/etc.


Thanks for the motivation. I need to be more disciplined. Motivation is great, but I need to be disciplined for the times where motivation is low. My biggest first goal is to wake up at 6:30 AM consistently. I am single. No family or obligations. I have the opportunity to make a killing and I know it!



Markets are different! Markets with an average sales price of $200,000 are totally different than say Beverly Hills. Your contact to listing ratio from cold calling will be drastically better than mine or any higher priced market. Lower priced markets are also a lot more predictable & duplicatable than high priced markets. And obviously you'll have to sell a lot more homes than I do to make a great career.

Also dealing 833 numbers a day is a cakewalk. A good dealer will dial 250-300 dials/ hour. Or you could use 2 phones like i did for over a decade.

Furthermore, your 12% pick up rate will drastically improve when you prospect easy mornings or even evenings.

And finally....Using 2 phones or 1 auto-dialer and stating at 9 am, you would have 1000 numbers dialed by 12:30 before lunch.


Edited by Lucky Leonardo (01/22/20 01:47 PM)

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#466494 - 01/22/20 03:19 PM Re: I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! [Re: TheGodson]
Lucky Leonardo Offline
Major Contributor

Registered: 12/26/09
Posts: 2207
Loc: CA
to TheGodson....1000 dials in 2 hours.....

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#466495 - 01/22/20 08:10 PM Re: I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! [Re: Lucky Leonardo]
CathCoy Offline
Member

Registered: 04/04/14
Posts: 480
Loc: California
Originally Posted By: Lucky Leonardo
to TheGodson....1000 dials in 2 hours.....


For how many rings is your dialer set?

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#466496 - 01/22/20 09:54 PM Re: I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! [Re: Lucky Leonardo]
TheGodson Offline
Member

Registered: 11/24/18
Posts: 17
Loc: Michigan, USA
I haven't been keeping track of total dials. I do keep track of them for individual people, but not as a whole. Perhaps I should start doing this.

Today I reached 5 expireds, 4 FSBOs, and 3 Follow Ups. Not the best I know, but I did wake up at 6:30. I have to eliminate time consuming activities. One thing I've noticed, is I take a long time typing out notes for the FSBOs. I've created a short hand system so this should be much faster in the future. Leaving messages for Expireds takes about 40 seconds per message. Sometimes I can get it down to 30 seconds.

I did have more contacts than that, but I do not count wrong numbers. Unless I end up sneaking in a solicitation real quick in which case I consider it a cold call.


Here is my script for cold calls that I typed up some time in October. Perhaps I could shorten some bits or take stuff out. How can I get off the phone quickly without being rude? Let me know your thoughts:


Hi is this the [last name] residence? This is [my name] from [my brokerage], the reason for the call is to see if you have any thoughts on selling your home in the near future.

If (yes)
{
When you sell the home where will you go next?
How soon would you like to move?
Why is it so important for you to move?
On a scale from 1 to 10 with 10 being the highest, how motivated are
you to sell your house?
If it would interest you I'd like to stop by and give a presentation
of what I can do to get your house sold for a good price in a
reasonable amount of time. Do weekends or weekdays work better for
you?
}
if (no)
{
No? Ok, well in that case would you happen to know anyone that might
be selling?
}
if (no)
{
Alright, that's all the questions I have for you. Thank you for your
time and have a good day.
}

1000 contacts in two hours seems incredible to me. I'm only using one phone so maybe that is part of the reason. Any tips on avoiding your phone from saying "Scam Likely" on the outgoing caller ID? This hasn't happened to me, but it did happen for another realtor that called me.

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#466499 - 01/23/20 01:10 PM Re: I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! [Re: CathCoy]
Lucky Leonardo Offline
Major Contributor

Registered: 12/26/09
Posts: 2207
Loc: CA
Originally Posted By: CathCoy
Originally Posted By: Lucky Leonardo
to TheGodson....1000 dials in 2 hours.....


For how many rings is your dialer set?


4 rings

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#466500 - 01/23/20 02:52 PM Re: I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! [Re: TheGodson]
Lucky Leonardo Offline
Major Contributor

Registered: 12/26/09
Posts: 2207
Loc: CA
Originally Posted By: TheGodson
I haven't been keeping track of total dials. I do keep track of them for individual people
}

1000 contacts in two hours seems incredible to me. I'm only using one phone so maybe that is part of the reason.


It's 1000 dials not 1000 contacts.

You can't control the pick up rate so much, but you can control what time you go to bed and what time you start in the morning.

Your script is a little wordy. However, in a high turnover markets, which usually comes with lower average price ranges using more scripts, dialogues and building rapport can come in handy.

Try both a long and short script and measure your results. It's easy to do.

May I ask....How did you find this thread? What was your google search?

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